TOKYO stocks have ended 1.00 per cent higher after a late buying surge, while the US dollar rebounded moderately against the yen.
The benchmark Nikkei 225 index added 143.02 points to 14,401.06 on Tuesday, after falling 1.36 per cent in morning trade, while the Topix index of all first-section shares gained 0.75 per cent, or 8.92 points, to 1,193.66.
Sony shares fell 4.58 per cent to 2,039 yen after the electronics giant said its board had unanimously decided to reject a US hedge fund's proposal to spin off part of its profitable entertainment arm.
Yoshihiro Okumura, general manager at Chibagin Asset Management, said the stock market was "primarily driven by currency movements, with individual shares often subject to earnings - and other event-driven effects".
"In thinly traded markets typical of mid-summer like now, index movements can be more vulnerable than usual to single-factor trading patterns, such as reflexive weak-yen based-stock buying," he told Dow Jones Newswires.
The US dollar-yen pairing has moved in virtual lockstep with the Tokyo stock market, something of a chicken-and-egg relationship where analysts struggle to agree on which is causing the other to move.
The US dollar, which fell below 98 yen earlier in the day, rebounded to 98.45 yen in afternoon Tokyo trade on Tuesday compared with 98.27 yen in New York on Monday afternoon.
A weak yen is advantageous for Japanese exporters as it makes their products more competitive abroad while inflating their foreign income when repatriated.
US stocks ended mostly lower on Monday on fairly quiet trading during which some investors fretted about the possible pullback of the Federal Reserve's aggressive bond-buying program.
The Dow Jones Industrial Average was down 0.30 per cent at 15,612.13.
The US growth outlook appeared firmer as the Institute for Supply Management's July purchasing managers index for the services sector showed a healthy jump in activity.
This raised some concerns that the Fed might taper its bond-buying program sooner rather than later, weighing on stocks while supporting the US dollar.
In Tokyo trade, Toyota rose 0.31 per cent to 6,380 yen, while Sharp gained 0.47 per cent to 423 yen and Panasonic rose 1.89 per cent to 914 yen.
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